Morning journal and courier., 1887-04-26
PROTECTION VS.. FREE TRADE.

Professor Robert Ellis ThOmpson's
| Lecture at North Shemeld Hall Last
Night.
Notwithstanding the inclemency of the
| weather and the fact that North Sheffield
Hall is come distance from the hub of stu
dent life the lecture room was filed with an
eager audience of students when the lecturer
entered the room with President Dwight.
Prof. Thompson spoke for an hour, calling
| forth frequent applause at many a well made
| point and humorous illustration. The fact
| that he is himself teacher enabled him to
put his arguments iu such a way that they
| could be easily comprehended and clearly
followed, and it must be the opinion of
| everyone who heard it that to hear the argu-
ments for protection SO clearly and convin-
cingly put was the best treat that the stu
dents could have in the way of lecture
We add necessarily incomplete analysis of
the lecture Cardinal Newman has said: 'I
wish nen to walk on with me, but if they
stop shall go on myself" A school of po-
litical economy for one hundred years has
sought to reduce political economy to one
principle-free competition. To do justice
to free trade was part of the reform of the
eighteenth century; to remove that which
to remain. What Rousseau did for society
Adam Smith did for political science.
The inquiry of 1776 into the wealth of
nations was troublesome and meddlesome
when all industries were .ladened with artif-
cial restrictions. Adam Smith called on
England to rely less on the statute book and
more on individual effort. His principles
and those of his followers have been greatly
exaggerated. Now there has come new
school of political economy which has reject
ed everything This new school will soon be
in the majority of chairs in this and every
country. 1t rejscts the principles on which
free trade stands. No man is protectionist
versal primo iple. Free traders buy in the
cheapest and sell in the dearest. Protection
says State Interference with trade is to be
minimized, and this is a point on which pro-
teetionists and free-traders alike agree. Free
competition is good thing, it acts as
it always true that private interest
is identical with public INTEREST," No. Those
sciences in which certainty is the least we
ought to deal with the most. Man is the
most complex being; society the most COM
pick form of man. So political economy
cannot be certain. Men will not always do
things for their own advantage. Cromwells
converting part of England's capital into
shipbuilding was protection. Protection
diverts capital into channel which will
flow naturally free trade does not The
free-trader says that when natural demand
for manufactures comes it will come natur-
ally. But demand means to desire thing
and be able to get it, not need.
In political economy vacuum repels,
while plenum attracts. Money all the
world over will go where money is Japan
has lost all her gold and is being ruined by
free trade. Ireland is losing the linen man
ufaeture, the last one she had. Until the
nrotective law begins TO work the foraio,,
manufacturer has monopoly.
The free trader says why then not have
interstate tariffs. First, the constitution
far bids; second, between 1889 the country
bod them and the misery then produced for.
babe their appearing in the constitution;
third, it is not needed, for capital flows east.
ly within nation, and with difficulty across
national lines.
Upon closing the speaker was heartily ap-
plauded, while President Dwight announced
that the next lecture by Professor Thompson
would be tonight at eight o'clock.